A Look at Latino Homeownership
Posted by Eric Skates on
For the average American family, homeownership is the number-one builder of personal wealth. Latinos have experienced the strongest growth in homeownership for the past 4 years, and have been powerhouses of our economic activity even through this tumultuous and unpredictable year. In fact- according to CoreLogic, neighborhoods with a 50% or higher Hispanic population saw MORE THAN DOUBLE the rate of home buyer activity than that of the rest of the country this year!
The Latino demographic helped pull the US out of the last economic recession, and it looks like with the proper support, this American stronghold is going to help ensure that we can continue to experience economic growth into the future.
We’re looking at you Millenials!
We have a 49% Homeownership rate among this age demographic, with an additional 40% who anticipate buying a home within the next 5 years. Millennials and younger people also make up the highest population in this demographic. When we look at the statistics, this same group- even through disproportionately experiencing job loss during Covid19- has been able to continue to save while renting, empowering more Latino families to grow entrepreneurial homeownership goals.
Economic growth is possible in a pandemic
Let’s look at some more numbers: Latino families are more likely to support their parents and older family members, have been investing in real estate outside of their primary residence, and have experienced more job growth than any other demographic. And statistically, they do more with less, having the youngest median age than any other demographic, while also having the highest entrepreneurial growth. While Covid19 has made a large impact specifically on Hispanic-owned businesses, to keep our economy growing, organizations like NAHREP dba The Hispanic Wealth Project are coming up with resources, education opportunities and goals to empower Latino families and help the whole economy endure.
Equity Prime Mortgage can offer resources to our Latino communities to make sure people are aware of their options and able to achieve these goals. Our President and CEO, Eddy Perez is a second-generation Cuban American and grew up learning about the homeownership industry first-hand. His father built homes in the Atlanta area, and Eddy became a Mortgage Loan Originator with a clear perspective of how to help more families reach their home ownership goals. Now he’s the head of a nation-wide organization with a singular goal of Empowering People More.
Let EPM help you reach your goals
The team at EPM can help you reach your homeownership goals by providing resources and education on the various federal, regional, and local programs available so we can get the right kind of loan for you.
Keep following our EPM Blog for tips on how to make your house feel like home with resources like DIYs, upgrades, projects, recipes and more.